Amancio Ortega, the founder and director of the Inditex Group which owns high street shop Zara, has been named the third richest man in the world by
Bloomberg's Billionaires Index
with an estimated fortune of £29.8 billion ($46.6 billion).

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Ortega has pushed US business magnate Warren Buffet down to fourth place on the list which is topped by Mexican telecommunications tycoon Carlos Slim and positions Microsoft founder Bill Gates in second place.

He may only be the third richest man in the world, but in Europe he is the richest, having overtaken IKEA owner Ingvar Kamprad earlier this year.

Freja Beha Erichsen is the face of Zara's autumn/winter 2012 main line, and Cara Delevingne is the face of the younger TRF line.

76-year-old Ortega, who opened the first Zara store in 1975, stepped down from the helm of Inditex in July 2011, handing over his presidency to CEO and former vice-president Pablo Isla. However, he still owns 59 per cent of Inditex.

He is often labelled a recluse owing to his wish for quiet life out of the limelight. He reportedly continues to take an active role in the design process of all Inditex's company's, which also includes Zara Home, Bershka and Massimo Dutti.

Zara has become increasingly popular over the last decade thanks to its ability to produce chic imitations of designer pieces at high street prices, as well as its rapid stock turnover. Each season, the store's campaigns draw big name models such as Lara Stone and Hanne Gaby, and current stars Freja Beha Erichsen and Cara Delevingne.